Goldman Sachs Explodes One Of The GOP's Biggest Talking Points On The Economyhttp://www.businessinsider.com/goldman-sachs-on-uncertainty-2012-10/comments
en-usWed, 31 Dec 1969 19:00:00 -0500Tue, 03 Mar 2015 17:40:58 -0500Joe Weisenthalhttp://www.businessinsider.com/c/50879cf7ecad048f28000038Really really dumbWed, 24 Oct 2012 03:47:03 -0400http://www.businessinsider.com/c/50879cf7ecad048f28000038
The bank bailouts started under Bush. Selective Romnesia?
The auto bailout has been a roaring success.
THe deficits were $1 trillion on the day Obama took office due to the collapse in revenue from the GOP/Bush depression.
You can whine that the banksters haven't gone to jail, but remember who appointed crooks like Chris Cox who were supposed to be watching them. And who designed the laws that made their machinations legal. Dick(head) Armey. Phil Grahm. Tom Delay. Newt..........and yeah, they got blue dog Clinton to sign off. What a commie.http://www.businessinsider.com/c/50879c1d69bedd905f000015What a crockWed, 24 Oct 2012 03:43:25 -0400http://www.businessinsider.com/c/50879c1d69bedd905f000015
The only thing keeping you from expanding is customer demand. No matter how much you whine, it's hard to sell the idea that you will stop working over a 3-4% increase in marginal tax rates. Go Galt if you wish. It's merely more evidence of natural selection.http://www.businessinsider.com/c/50879ba76bb3f7220c000022Sowell is a lying turdWed, 24 Oct 2012 03:41:27 -0400http://www.businessinsider.com/c/50879ba76bb3f7220c000022
And therefore so are you.
His entire body of work is a strawman argument.http://www.businessinsider.com/c/5087401a69bedd1d08000011Fritz PfisterTue, 23 Oct 2012 21:10:50 -0400http://www.businessinsider.com/c/5087401a69bedd1d08000011
Oh yes the trustworthy Goldman Sachs. I refer the crooks of Wall Street to Dr, Thomas Sowell on economics and his brilliant piece on uncertainty. Certainly no vested interest for Goldman to write such a pile of NY crap, is there?http://www.businessinsider.com/c/5086bef6ecad04a31200000dPrintus MaximusTue, 23 Oct 2012 11:59:50 -0400http://www.businessinsider.com/c/5086bef6ecad04a31200000d
Of course I respect your decision to go "Galt", I would remind you that John Galt did not accumulate any physical wealth while going "Galt" I would also say that more of your "money" has been secretly stolen by the "Federal Reserve" than any amount Obama has taken from you. But go ahead and enjoy your 4 years in "Galt's Gulch". But don't be surprised that after 4+ years that the world will still not be full of rainbows and unicorns for the SME's.http://www.businessinsider.com/c/5086bab16bb3f7ae67000007Printus MaximusTue, 23 Oct 2012 11:41:37 -0400http://www.businessinsider.com/c/5086bab16bb3f7ae67000007
While unfortunate, your company has been given some time to adapt (of course any company would prefer to have infinite time).
Have you ever thought that maybe your product does not provide enough value to afford a higher price? I would tend to believe that all companies would be seeing the same increase, and if you are making a valued product, you would be able to increase your price.
Would you care to divulge how many of your products are being used by Medicare/Medicaid individuals? If so, you have been receiving a government subsidy for many years due to artificial demand.
I would favor an exemption for companies whose products were "banned" from the Medicare/Medicaid system and have the "private" insurance companies determine the value of your product -- after all, that's what free enterprise is all about.http://www.businessinsider.com/c/5086b70e69bedd9636000004Printus MaximusTue, 23 Oct 2012 11:26:06 -0400http://www.businessinsider.com/c/5086b70e69bedd9636000004
From Wikipedia:
"He is a major contributor to the Ayn Rand Institute and assigned Rand's Atlas Shrugged to all of his senior executives.[4] Calling Atlas Shrugged "the best defense of capitalism ever written," Allison has seen to it that "the BB&T Charitable Foundation has given 25 colleges and universities several million dollars to start programs devoted to the study of Rand's books and economic philosophy."[5][6]
In June 2012, he was designated to replace Ed Crane as head of the Cato Institute, a libertarian think tank headquartered in Washington, D.C.[7]"
Have you ever noticed there are "never" any children in "any" of Ayn Rand's books?
Even Greenspan has admitted he was wrong in believing that the finance industry would self-regulate.
Banks make their money off of fractional reserve banking, which is fraud enabled by government laws.
Feel free to quote a ex-banker when the reserve ratio is 100%. (BTW, I.m sure Ayn Rand would disapprove of fractional reserve banking since it is not "sound money". How is your mind able to fathom this incongruity??)http://www.businessinsider.com/c/5086b4f7eab8ea536800000aJohn BarnesTue, 23 Oct 2012 11:17:11 -0400http://www.businessinsider.com/c/5086b4f7eab8ea536800000a
As a businessman who has created over 3,000 jobs, it is not uncertainty that holds me back from investing in more jobs. It is the CERTAINTY that an Obama administration will exercise policies, as they have done, that vacate the rule of law, ignore courts, punish success, and confiscate any wealthy that one creates. If Obama is re-elected president, I am going Galt.http://www.businessinsider.com/c/5086b143eab8ea4a5d000016Printus MaximusTue, 23 Oct 2012 11:01:23 -0400http://www.businessinsider.com/c/5086b143eab8ea4a5d000016
Re-read the constitution.
The President doesn't write the laws, he is the last step in the process to either approve or veto the laws. The main job of the President is to represent the nation in foreign affairs (although he cannot alone pass one trade agreement) and as the "Commander-in-Chief" (another extra-national position). However, with his veto power, a president has an opportunity to "lead" by making it evident which bills he would pass and which he wouldn't.
While I too am disappointed by the lack of prosecution, I believe you will find that few "laws" were actually broken, and "white-collar" crime is extremely hard to prosecute. However, neither party has brought up the issue of prosecution or the revolving door between the regulators and the regulated. You end up with one party discussing new regulations while the other talks about releasing "animal spirits" by removing regulations.http://www.businessinsider.com/c/5086a549ecad04e35c000011Printus MaximusTue, 23 Oct 2012 10:10:17 -0400http://www.businessinsider.com/c/5086a549ecad04e35c000011
Really???
Mitt Romney is suggesting a complete revamping of the tax system while maintaining revenue neutrality by closing tax loopholes. Guess what? If you're a large MNC like GE who doesn't pay any federal income taxes,, due to advantageous "tax loopholes", you have the audacity to think that this would not cause uncertainty for an MNC when Romney refuses to say which tax loopholes he'll close?
Either you're clueless, or believe, as most do, that he will cut taxes first and then when it comes time to close the loopholes he will find no agreement, throw his hands in the air and say: "Well I tried to close loopholes, but I just couldn't get agreement in the congress over which loopholes to close --- It's not my fault!"http://www.businessinsider.com/c/50869a01ecad04294700001esave_the_rustbeltTue, 23 Oct 2012 09:22:09 -0400http://www.businessinsider.com/c/50869a01ecad04294700001e
Raise you hand if you think GS has only credibility on anything.http://www.businessinsider.com/c/50869969ecad04274500000bpbTue, 23 Oct 2012 09:19:37 -0400http://www.businessinsider.com/c/50869969ecad04274500000b
I totally agree that the economic outlook, and in particular the demand outlook is the primary driver of corporate decisions. What I'm saying is that the economic outlook is itself impacted by policy, so policy uncertainty helps drive the decision making process in an indirect way.
For instance, I think most people can agree that the economic outlook for next year hinges in no small part on what the government does about the fiscal cliff. If taxes go up and government spending goes down, most people believe we will be in recession next year. If they don't, them most people believe we will maintain some level of growth. In this case, it's the uncertainty about the fiscal cliff (i.e. policy) that is really driving things.http://www.businessinsider.com/c/50869660eab8eaf918000012Henry BlodgetTue, 23 Oct 2012 09:06:40 -0400http://www.businessinsider.com/c/50869660eab8eaf918000012
Of course you can separate them.
There is ALWAYS uncertainty about policy. We have elections every two years. Situations change. Policy is always changing.
Ask any corporate decision-maker. Unless they are deep into "healthcare costs" or some other minutia, what affects their decisions is the outlook for the economy and their industry.http://www.businessinsider.com/c/508694b4eab8ea971d00000ac smithTue, 23 Oct 2012 08:59:32 -0400http://www.businessinsider.com/c/508694b4eab8ea971d00000a
"Uncertainty" - the CERTAIN knowledge that any and all policies designed to kick the problems of too much debt and government dependency down the road, including fiscal "stimulus" and money printing, will fail miserably, so there is no reason to invest or plan for the future. Hunker down and wait.
There...solved it for you Joe.http://www.businessinsider.com/c/50868e45eab8ea690b00000bpbTue, 23 Oct 2012 08:32:05 -0400http://www.businessinsider.com/c/50868e45eab8ea690b00000b
Sorry Henry, but you cannot separate uncertainty about the economy and uncertainty about policy. The two are linked.
Government policy will have an impact on the economy and thus, uncertainty about policy IS part of the problem here.
Nice try.http://www.businessinsider.com/c/50868d1deab8ea1206000015CJTue, 23 Oct 2012 08:27:09 -0400http://www.businessinsider.com/c/50868d1deab8ea1206000015
We muppets maybe stupid but we haven't forgotten the trillion + in ballouts you stole from us. The economy should've already collapsed and now we have to listen to the same assholes telling us everything is normal. Taxation without representation bitchez.http://www.businessinsider.com/c/50868519ecad041420000006BTKTue, 23 Oct 2012 07:52:57 -0400http://www.businessinsider.com/c/50868519ecad041420000006
They agree that uncertainty tracks with low economic performance, but argue that it is caused by the low performance rather than the reverse, with no evidence to support that claim other than their heart felt limousine liberal guilt. Pretty weak for GS.http://www.businessinsider.com/c/508684ba6bb3f7857d00000eNeitherHereNorThereTue, 23 Oct 2012 07:51:22 -0400http://www.businessinsider.com/c/508684ba6bb3f7857d00000e
Ok, correction coming.
From Obama. Obama says sequestration won't happen, but according to you and I believe our Constitution, this is up to Congress. But since Obama says it won't happen, that must mean he in-fact has more power than Congress and what he says is true, according to you, Henry, Joe, and others. Therefore it's Gov't policy, as written, dictated, and decided by Obama.http://www.businessinsider.com/c/5086843069beddbc2e00000fLizTue, 23 Oct 2012 07:49:04 -0400http://www.businessinsider.com/c/5086843069beddbc2e00000f
For the most part I've never believed the 'uncertainty' myth the GOP has been peddling, mostly because they never take into account *consumer* uncertainty when they talk about these things. It's as if uncertainty can *only* come from the private sector, which is absurd. So that's how I know they're just pushing a talking point.
The other thing is...we overbuilt for many years and basically a lot of businesses that didn't survive the recession probably shouldn't have been around anyway, unfortunately. People really have to save more. At some point Americans will need to start pulling back on spending and keeping more in their bank accounts and retirement accounts. When that happens, the GOP will probably have the same old 'uncertainty' talking point when it will actually be about a lack of demand. Not that people don't *want* the products, but that they'll *finally* have figured out that it's better to save for a rainy day than to keep this unsustainable, super-consumerist economy going.
Republicans talk a lot about 'personal responsibility' and 'self control' when it comes to finances, but they never factor this into how the economy is behaving, which I think is a huge mistake. If Americans start to really listen to their rhetoric, the economy won't be as great as what we're used to. Too many people are still spending too much money that they don't have.http://www.businessinsider.com/c/508681caecad04f61f000003BrianDTue, 23 Oct 2012 07:38:50 -0400http://www.businessinsider.com/c/508681caecad04f61f000003
Well, let's see - the US Government's debt ceiling was raised without question by policies form both sides for decades. Suddenly one side - the same side mind you that now calls it a calamity - refuses to raise it for political gain. Yeah, you are right it is policy, and theater, and it's not Obama doing it. Correct me if I'm wrong.http://www.businessinsider.com/c/50867d5eeab8ea8d65000004sonvoltTue, 23 Oct 2012 07:19:58 -0400http://www.businessinsider.com/c/50867d5eeab8ea8d65000004
Well, I can only speak for myself, but in my business's case, "uncertainty" is playing a big role in how we are currently managing. I work for a mid-sized medical device company. We are marginally profitable, niche company with very strong products but not much market presence compared to our larger competitors. As currently constructed, the Medical device tax embedded in the ACA will cut our profit by over 50%, and could very well lead us to either shut down or to try and sell the business to a better capitalized player. Right now, we are just waiting to see what happens. It's unfortunate, because there are quite a few companies dealing with this type of situation. The current regulations will absolutely kill off smaller companies like ours and will seriously discourage startups and innovation in this field.http://www.businessinsider.com/c/50867caf6bb3f7736c00001aDexTue, 23 Oct 2012 07:17:03 -0400http://www.businessinsider.com/c/50867caf6bb3f7736c00001a
Another GOP fiscal myth bites the dust. Add that to trickle down economics, tax cuts for the wealthy spur economic growth and deregulating the banking industry.
For a party that used to be the bean counters, their economic policies have become a disaster for the U.S. economy but they act like they still have all the answers.http://www.businessinsider.com/c/508676ee69bedda40d000034NeitherHereNorThereTue, 23 Oct 2012 06:52:30 -0400http://www.businessinsider.com/c/508676ee69bedda40d000034
"Of course, if you 're a Bush voter, your one tiny brain cell can't handle the truth of the matter."
"Of course, if you 're an Obama voter, your one tiny brain cell can't handle the truth of the matter."
Ooh ooh, look at that! I can write insulting statements too, and just like the original writer, I didn't actually have to put any thought into it. Proof positive of what to expect from an Obama voter.
That last statement however took some thought, not to mention truth.http://www.businessinsider.com/c/50867652ecad04f47b000020NeitherHereNorThereTue, 23 Oct 2012 06:49:54 -0400http://www.businessinsider.com/c/50867652ecad04f47b000020
BTW Henry, you and Joe should try getting some sleep. It seems to be impacting your ability to think, function, and build a coherent argument.http://www.businessinsider.com/c/508675f0eab8ea764e000022NeitherHereNorThereTue, 23 Oct 2012 06:48:16 -0400http://www.businessinsider.com/c/508675f0eab8ea764e000022
It seems to me that the "fiscal cliff" is a policy issue, which is generating A LOT of uncertainty. Both for the consumer and businesses. Correct me if I'm wrong, but businesses didn't create the fiscal cliff, gov't Policy did.http://www.businessinsider.com/c/508674386bb3f7265d00002cReallyTue, 23 Oct 2012 06:40:56 -0400http://www.businessinsider.com/c/508674386bb3f7265d00002c
So, what is it? QE started under Bush? bank and Auto bailouts started under Bush? Massive continual deficits, 3 years greater than the last 6-7 years of Bush?
any reform of the causes of the crash? no
Any criminals sent to jail like enron, worldcom and tyco under Bush? Nope, not Corzine, no one from Countrywide, WAMU, wachovia, AIG, Merrill, Bear Stearns, Lehman - wow!!!!!!!
Any effective regulatory changes to the capital markets - nope, Dodd- frank is a joke, sarbanes- oxley is now a nuisance since Corzine is the first test and the media doesn't care about him
Oh right, Obama saved us from the precipice of a depression, what a swell guy. How'd he do it? Does your half a brain cell know what has happened in the past 4 years to effect that rescue?http://www.businessinsider.com/c/508670eeeab8ea414c000007Prysuv T.Tue, 23 Oct 2012 06:26:54 -0400http://www.businessinsider.com/c/508670eeeab8ea414c000007
Oh sure, because its the uncertainty about policies that's causing consumers not to spend, not the fact that consumers have no moneys.http://www.businessinsider.com/c/5086708decad04c17b000026Ken MooreTue, 23 Oct 2012 06:25:17 -0400http://www.businessinsider.com/c/5086708decad04c17b000026
Consider the source. John Allison might differ in his opinion.http://www.businessinsider.com/c/5086707169bedd400b000002PapaSwampTue, 23 Oct 2012 06:24:49 -0400http://www.businessinsider.com/c/5086707169bedd400b000002
Might want to talk to small businesses and the average person on the street. Wall Street holds a minuscule portion of the population. All it really does is make fiat from fiat. Easy to do in a world of QEasing.....what should worry is the total size of bailouts, loans, g
guarantees, etc. IS unprecedented and cannot be compared to any time in the past....and a stagnant economy is all we have to show.http://www.businessinsider.com/c/50866ff969beddfd0a000003nonsenseTue, 23 Oct 2012 06:22:49 -0400http://www.businessinsider.com/c/50866ff969beddfd0a000003
Starting from the precipice of a Depression, the last 4 years have been pretty successful. Of course, if you 're a Bush voter, your one tiny brain cell can't handle the truth of the matter.http://www.businessinsider.com/c/50866ddc69beddbc71000064jomamamTue, 23 Oct 2012 06:13:48 -0400http://www.businessinsider.com/c/50866ddc69beddbc71000064
Now, I tend to agree with you on this, but you do have a pretty silly habit of saying things are debunked simply b/c one, maybe two people who agree with you says the idea is wrong. something isn't proven false b/c you find one guy who says it is.http://www.businessinsider.com/c/50866b9669bedd577400003aIt's Certainty causing the problemTue, 23 Oct 2012 06:04:06 -0400http://www.businessinsider.com/c/50866b9669bedd577400003a
It is fairly certain that Obama is an ineffective leader that does not understand economics, business or taxation. Maybe that is what the GOP talking point is. There is no way for Obama to counter that, he is simply lost in those subjectes and has absolutely no formal training or experience even marginally in any of them. Bernanke and Geithner have saved him while ironically being severely and unfairly criticized by Wall Street and Economists.
The markets are crashing and a big correction or Lehman moment in the next two weeks could cause Obama serious problems. Something out of europe seems most likely, if anything, but that usually means somewhere else that no one is watching, perhaps a Civil War in Bolivia and/or Ecuador that crosses into Paraguay, Peru and Colombia and brings in Venezuela.http://www.businessinsider.com/c/508667656bb3f7fc47000010singapuraTue, 23 Oct 2012 05:46:13 -0400http://www.businessinsider.com/c/508667656bb3f7fc47000010
It's mainly uncertainty about demand. You won't invest or expand your production if you're not sure that you can sell your products at a reasonable profit. Uncertainty about policies breeds uncertain consumers.Tax cuts may have a short stimulating effect on demand but only if consumers are sure about the economy. If they're not, they're more likely to save the money than spend it. So both policies and the economy drive consumer demand.http://www.businessinsider.com/c/508666c5eab8eab838000003Hedge Fund DouchebagsTue, 23 Oct 2012 05:43:33 -0400http://www.businessinsider.com/c/508666c5eab8eab838000003
We don't actually believe any of the crap we spew on CNBC, we just don't want our 15% tax rate to change.http://www.businessinsider.com/c/5086632beab8ea4a22000023Henry BlodgetTue, 23 Oct 2012 05:28:11 -0400http://www.businessinsider.com/c/5086632beab8ea4a22000023
Yes, this one has been a load of hooey from the start.
Uncertainty about the ECONOMY is causing companies to hold back. Not uncertainty about policies.